Lithium-ion Battery Pack Market: Introduction
- Lithium-ion battery packs are rechargeable batteries with high-energy density. These are primarily used in portable equipment.
- Lithium-ion battery packs are also employed in the renewable energy sector for stationary energy storage purpose. Demand for these batteries is expected to rise in the near future owing to growth in the renewable energy sector due to the increase in technological advancements in solar and wind power segments, supportive government policies, and increase in interest of investors in renewable power. Hence, companies across the globe are now investing more in lithium-ion battery packs.
Key Drivers and Restraints of Global Lithium-ion Battery Pack Market
- Increase in demand for lithium-ion battery pack owing to their extensive use in automobile, defense, aerospace, and consumer electronics products is driving the lithium-ion battery pack market. Application of lithium-ion batteries in the automotive sector improves efficiency and reduces maintenance cost of vehicles. Rise in usage of lithium-ion batteries in aerospace and defense industries, due to its long life vis-à-vis lead acid batteries, is driving the lithium-ion battery pack market.
- Increase in environmental awareness is expected to drive the global lithium-ion battery pack market during the forecast period. Demand for battery operated vehicles has been rising since the last few years. It is expected to rise further during the forecast period. Various initiatives taken by governments and companies to increase the awareness regarding use and benefits of electrical vehicles (EVs) are propelling the lithium-ion battery pack market.
- High manufacturing cost of lithium-ion battery pack is major factor restraining the global market. Lack of infrastructure is likely to hamper the lithium-ion battery pack market in the near future.
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Global Lithium-ion Battery Pack Market: Segmentation
- The global lithium-ion battery pack market can be segmented based on type, Shape, and end-user
- In terms of type, the lithium-ion battery pack market can be segmented into lithium cobalt oxide, lithium titanate, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium magnesium oxide, lithium nickel cobalt aluminum oxide, and others. Lithium cobalt oxide is expected to remain a prominent segment of the market during the forecast period owing to the increase in demand for these in various industries.
- In terms of shape, the lithium-ion battery pack market can be segregated into prismatic, cylindrical, and others. The prismatic segment is estimated to expand at a substantial pace during the forecast period, due to the rise in demand for these in industries such as automotive, military, and aerospace.
- Based on end-user, the market can be classified into automobile, aerospace, defense, energy, electronics, and others. The automobile sector is expected to expand at a rapid pace during the forecast period, due to high demand for battery operated vehicles in the sector. Increase in awareness about environmental issues and stringent government rules and regulations have compelled companies to adopt new environment-friendly technologies. Thus, the global lithium-ion battery pack market is expected to expand during the forecast period.
Global Lithium-ion Battery Pack Market: Regional Segmentation
- Based on region, the global lithium-ion battery pack market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Asia Pacific is expected to expand rapidly due to continuous development in consumer electronics and automotive sectors. Rise in spending capacity of consumers in countries such as China and India due to rapid urbanization and industrialization is driving the demand for automobile and consumer electronics. This is anticipated to drive the lithium-ion battery pack market during the forecast period.
- The market in North America is projected to expand significantly during the forecast period due to rapid increase in infrastructure and industrialization in the U.S. and Canada. The U.S. is a major player in automobile, military, and aerospace manufacturing sectors across the globe. The country is estimated to dominate the market in the region in the near future.
- Implementation of strict environmental rules regarding carbon emission in Europe is likely to create lucrative opportunities for the lithium-ion battery pack market. Rise in environmental issues in Europe has led to increase in manufacture of electric vehicles to control carbon emission in the automotive sector.
- The market in Latina America and Middle East & Africa is estimated to expand at a steady pace during the forecast period
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Key Players Operating in the Lithium-ion Battery Pack Market:
- Romeo Systems, Inc
- Excell Battery Co.
- Shenzen Red Dragon Ltd.
- Total Battery Solutions Ltd
Global Lithium-ion Battery Pack Market: Research Scope
Global Lithium-ion Battery Pack Market, by Type
- Lithium Cobalt Oxide
- Lithium Magnesium Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Nickel Cobalt Aluminum Oxide
- Lithium Titanate
Global Lithium-ion Battery Pack Market, Shape
- Coined Shaped
Global Lithium-ion Battery Pack Market, End-user
Global Lithium-ion Battery Pack Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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